Tag tax specialists

Income tax returns are due once again. Yes, time flies when it comes to paying SARS. Indeed, if you are a provisional taxpayer it may feel as if you are constantly preparing tax returns, submitting them, and paying over money due.

Get professional tax services to avoid penalties related to late submissions and the rather uncomfortable feeling of someone watching you because you are committing one of the deadly income tax return sins discussed below.

1.      Not Being Honest About Your Bank Account

You cannot hide bank accounts from SARS. Not truthfully declaring your bank accounts can lead to a hefty administrative penalty that can run into the thousands. It is all fine if you have extra cash on hand, but having to pay R16 000 plus for being dishonest, and doing so on short notice, can be challenging. Always declare all your bank accounts.

2.      Not Declaring Investments

Penalties and more penalties await those who are dishonest with SARS. Not declaring investments on your income tax returns is a mistake you should avoid at all costs. Investment houses declare information about shares, shareholders, and investors to SARS. They certainly are not willing to hide the information to save your pocket. Declare all investments.

3.      Failing to Submit Income Tax Returns When Due

Remember the penalties mentioned earlier? Now imagine how quickly penalties can become mountains of debt if you fail to submit income tax returns for a few years, not to even mention the cost of medication to help you sleep at night. SARS does not take lightly to people who ignore the law. Submit your income tax returns on time, and do so every tax season. Of course, if you make use of our professional services, we remind you when income tax returns are due, and our team ensures the accurate completion and submission of the returns.

The R350 000 threshold for not having to file a tax return is confusing. Rather than guessing that you do not have to file, make sure. There are only a few circumstances in which you do not have to file a return.

4.      Making Tax Calculation Errors

The calculations are complex to say the least. Thresholds change, and so do regulations. Indeed, what was relevant last year may not be the case this year. You focus on work and income generation. As such, it is understandable that you do not have the time and resources to study every bit of legislation pertaining to taxes. Thus, it is easy to make a calculation error. Unfortunately, the error can mean the difference between getting a refund and having to pay extra for the mistake.

What is The Solution?

Make use of our professional assistance in completing and filing your income tax returns. Tax Leaders keep up to date with changes in regulations and thresholds. Additionally, we ensure correct calculations and completion of forms according to SARS requirements, as well as compliance with legislative requirements.

For more information, contact our expert tax team at Tax Leaders – [email protected] or visit our website on www.taxleaders.net

Business accounting. If you are cutting corners when it comes to business administration just to save a few rands, it could backfire.

Companies that do not take their financial business accounting seriously soon fall behind and suffer unexpected expenses as a result.

Additionally, they overlook problems as they present themselves and only realize their financial options too late.

Business Accounting Services

Any business needs to carry out various monthly business accounting tasks.

Monthly business accounting ensures that finances of the business are strictly monitored. Additionally, the business is always compliant with the various payments and contributions.

The principle of sound accounting and general bookkeeping is in the best interests of all parties including investors, owners, employees, and customers.

Tax Leaders often encounter clients who simply do not know where to start when it comes to accounting assistance responsibilities. We offer full comprehensive monthly accounting services.

Additionally, we take pride in advising business owners on what is required and what should be done each month to ensure the financial stability and transparency of the business.

Accounting Tasks

Some pertinent accounting tasks that you should pay attention to each month include the likes of data capturing / processing, payroll processes, applications for Workmen’s Compensation, VAT and PAYE registrations and submissions, UIF registrations and submissions, reconciling of management and bank accounts, and tax clearance applications. Preparing yearly financials for the body corporate, cash flow predictions, and bi-annual PAYE reconciliations for employers.

Whether you need general bookkeeping assistance or financial statement preparation assistance, you can trust Tax Leaders to assist you.

We are methodical in our accounting processes and make use of only the most advanced, compliant, and up to date software and systems available. Additionally, we maintain financial status and ensure the business does not fall behind on financial responsibilities. Compliance in terms of tax and similar legislation and regulations.

If you need assistance with your monthly accounting tasks, simply contact us at Tax Leaders. We look forward to helping you with putting your financial accounting tasks and projections into perspective.